Updated May 31, 2024 | 01:04 PM IST
Sanjiv Bhasin Nifty Prediction, Market prediction for 4th June: According to ace investor Sanjiv Bhasin, there’s a good chance of seeing Nifty50 around 23,300 level by June 4. Read on to know more on Bhasin’s market prediction for 4th June.
Sanjiv Bhasin Nifty Prediction:
Sanjiv Bhasin Nifty Prediction, Market prediction for 4th June: Ace investor and IIFL Securities Director Sanjiv Bhasin believes that the benchmark index Nifty50 index could hit 23,300 level by June 4, the day when 2024 Lok Sabha Election results will be announced.
In an episode of ET NOW Swadesh, he said, “I believe there’s a good chance of seeing levels around 23,300 by June 4th (Mujhe lagta hai 4th June ko 23,300 tak ke darshan hone ke shubh sambhavna hai).”
“I had told earlier that there would be a correction of 400-500 points in the Nifty before June 4th, and indeed, we saw a correction of 500-600 points within 2 days. It’s good that the market has lightened up a bit before the event (election results),” he said.
The undertone in the market is still bullish, according to Bhasin, “but it all depends on the election results.”
Talking about who might form the government next, Bhasin said, “I think even if there are fewer seats won, the same government as last time will come into power. (Mujhe lagta hai ki chahe kam seat aayein, lekin sarkar wahi banegi jo last time thi).“
WATCH | Sanjiv Bhasin On Nifty After Election Results 2024
Nifty Support Levels
According to Bhasin 22,400 or 22,500 are very strong support levels, and the market won’t decline from here. He said, “Mujhe lagta hai ki 22,400 or 22500 bhot strong support hai, yaha se market ghategi nahi.“
“On the index, we seem to have hit a bottom, and that’s healthy because it’s a 500-point correction from the top again,” said the ace investor.
Sensex, Nifty Today
The 30-share S&P BSE Sensex on Friday opened 322.93 points or 0.44 per cent higher at 74,208.53. The NSE Nifty50 too started the session in the positive territory at 22,568.10, up 79.45 points or 0.35 per cent.
At the time of filing this report, Sensex traded 128.65 points or 0.17 per cent higher above 74,000 level. Nifty too is holding up 22,500 level. Most sectoral indices traded in the green zone around mid-day. However, Pharma, IT, Auto, PSU Banks, and Media remained top drags on D-Street.
At the time of filing this report, Nifty Bank quoted higher by 0.08 per cent around 48,720.15. Nifty Realty emerged as the top gainer with over 2 per cent gains. Nifty Metal followed with 1.26 per cent gains.
Nifty50, currently seems to be adhering an ascending channel pattern. The index has corrected for the past 5 sessions, and currently seems to be taking support near 22,450 to 22,500 levels.
If Bhasin’s prediction were to come true, it would mean an 800-point gain in just two sessions, on Monday, June 3, and Tuesday, June 4.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
